Khan worked at the automobile manufacturing company Flex-N-Gate while attending the University of Illinois. When he graduated he was hired as the engineering director for the company. In 1978, he started Bumper Works, which made car bumpers for customizing pickup trucks and body shop repairs.[2] The transaction involved a $50,000 loan from the Small Business Loan Corporation and $16,000 in his savings.[8]

In 1980 he bought his former employer Flex-N-Gate, bringing Bumper Works into the fold. Khan grew the company so that it supplied bumpers for the Big Three automakers. In 1984 he began supplying a small number of bumpers for Toyota pickups. By 1987 it was the sole supplier for Toyota pick ups and by 1989 it was the sole supplier for the entire Toyota line in the United States. Toyota Senseiinstruction drastically transformed the company efficiency and ability to change its manufacturing process within a few minutes.[2][9]Since then the company has grown from $17 million in sales to an estimated $2 billion in 2010.[10]

By 2011, Flex-N-Gate had 12,450 employees and 48 manufacturing plants in the United States and several other countries, and took in $3 billion in revenue.[3]

Khan has received a number of awards from the University of Illinois, including a Distinguished Alumnus Award in 1999 from the Department of Mechanical Science and Industrial Engineering, the Alumni Award for Distinguished Service in 2006 from the College of Engineering, and (with his wife, Ann) the Distinguished Service Award in 2005 from the University of Illinois Alumni Association.[6]

Khan's first attempt to purchase a National Football League team came in February 11, 2010, when he entered into an agreement to acquire 60 percent of the St. Louis Rams from Chip Rosenbloom and Lucia Rodriguez, subject to approval by other NFL owners.[10]However, Stan Kroenke, the minority shareholder of the Rams, ultimately exercised a clause in his ownership agreement to match any proposed bid.[12]

On November 29, 2011, Khan agreed to purchase the Jacksonville Jaguars from Wayne Weaver and his ownership group subject to NFL approval.[13] Weaver announced his sale of the team to Khan later that same day. The terms of the deal were not immediately disclosed, other than a verbal commitment to keep the team in Jacksonville, Florida. The sale was finalized on January 4, 2012.[14] The purchase price for 100% share in the Jaguars is estimated to be $760 million.[15] The NFL owners unanimously approved the purchase on December 14, 2011.[16] The sale made Khan the first member of an ethnic minority ever to own an NFL team.[17][18]